$9.7bn
$XXX.Xm
55,551
32,731
$X.Xbn
Auction houses are influenced by broad macroeconomic variables rather than product-specific trends. Still, many of the items sold by the industry are rare and valuable, which can leave demand susceptible to shifts in consumer preferences. In recent years, rising per capita disposable income has sustained demand throughout the retail sector. A recovery since the pandemic has boosted consumer spending and encouraged consumers to spend on luxury items. Auction houses endured a significant dip in performance in 2020, followed by a strong rebound in 2021. Profit has been boosted by rising product prices and growing success with online sales. Auction houses that have capitalized on the shift to e-commerce have carved out a strong position in the industry. Still, competition from specialty retailers and other retailers has intensified, limiting growth in profit. Revenue is expected to grow at a CAGR of 3.2% to $9.7 billion through the end of 2024, including growth of 0.6% in 2024 alone.
Industry revenue has grown at a CAGR of 3.2 % over the past five years, to reach an estimated $9.7bn in 2024.
Market size is projected to grow over the next five years.
There are no companies that hold a large enough market share in the Auction Houses in the US industry for IBISWorld to include in this product.
Industry revenue is measured across several distinct product and services lines, including 20th and 21st-century goods, Luxury goods and Classics and world art. 20th and 21st-century goods is the largest segment of the Auction Houses in the US.
20th and 21st-century items comprise the bulk of revenue
This industry includes establishments that sell rare or unique items to consumers and institutions at auction. Products sold can include artwork, cultural artifacts, jewelry, cars or other items that generate demand from the industry’s client base. Industry operators often act as a broker of these goods, selling items on behalf of the current owner.
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NAICS 453998 - Auction Houses in the US
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Pent-up demand following the pandemic fueled revenue growth. Auction houses substantially benefited from an uptick in demand as the economy reopened.
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20th and 21st-century goods comprise the bulk of revenue. While auction houses are relied on by consumers for purchasing antiques, most items are from the past 150 years.
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Auction houses have had to contend with increasing competition from e-commerce and big box retailers. Other retailers can offer goods at low prices, though they struggle to c...
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Stiff competition limits industry growth. Auction houses have had to contend with a growing array of competitors, particularly businesses focused on e-commerce.
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Wage costs have expanded amid a greater emphasis on customer service. Superior customer service has been a way for auction houses to separate themselves from low-cost competi...
Including values and annual change:
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Key data sources in the US include:
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These sources include:
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The market size of the Auction Houses in the US industry in United States is $9.7bn in 2024.
There are 32,731 businesses in the Auction Houses in the US industry in United States, which has grown at a CAGR of 3.1 % between 2019 and 2024.
The market size of the Auction Houses in the US industry in United States has been growing at a CAGR of 3.2 % between 2019 and 2024.
Over the next five years, the Auction Houses in the US industry in United States is expected to grow.
Auctioning works of art and Auctioning repossessed merchandise are part of the Auction Houses in the US industry.
The level of competition is high and increasing in the Auction Houses in the US industry in United States.